Many financial and government websites have compound interest calculators, such as Bankrate.com and Investor.gov. In addition, some mathematics-oriented websites also have compound interest calculators to illustrate particular uses of calculus in business, explains The Calculator Site.
Continue ReadingA compound interest calculator works by adding an amount to be saved on a regular basis to a principal amount, typically monthly, states The Calculator Site. The amount generated by interest is added to this amount. This typically happens on a quarterly basis, or four times per year, and it is in this way that the interest is compounded, where the interest begins generating interest. The final term is how many years the savings is allowed to grow. With all of this information, the calculator produces the amount saved with the accumulated compound interest at the end of the term.
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